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re: Do people actually take out Payday Loans?
Posted on 8/5/16 at 2:14 am to EA6B
Posted on 8/5/16 at 2:14 am to EA6B
Did it one time as a young college kid trying to make bills work for a month without involving my parents (little did I know that they make you call every number that you write down and explain to them what you are doing. They wanted like 5 phone number of people to call in case I don't pay it back, I thought it was BS so I put some random friends numbers on there and had to awkwardly tell them what I was doing and why I was calling)
One and only time I did it for like 100 bucks, and they still call me every month almost to ask if I need to borrow money like 4 years later.
One and only time I did it for like 100 bucks, and they still call me every month almost to ask if I need to borrow money like 4 years later.
1
Posted on 8/5/16 at 2:30 am to TigersHuskers
LOL. You guys shouldnt be laughing at these people. All of you are paying for them with your taxes
Posted on 8/5/16 at 2:44 am to Breauxsif
quote:
People in the hood mostly take on those bullshite loans. They really don't know any better.
Guess again... I know plenty of white people who are all over them as well. Don't even get me started on the rent to own foolishness either.
Posted on 8/5/16 at 2:50 am to bigpetedatiga
Then there's the "Yes Money!" at Conn's. They're a sub-prime lender trying (and failing miserably) to masquerade as a retailer.
Posted on 8/5/16 at 3:36 am to wildtigercat93
In my younger days I took out a few internet payday loans.
Most I paid back as scheduled, probably around 1000% interest over a 4 week period.
A couple of them I said frick it. Opened a new bank account and left them high and dry.
They still call my parents (put their number down as reference) 10 years later, well after the statute of limitations and tell them I am going to be arrested if I don't pay up. Not a single one of them ever showed up on my credit report.
Most I paid back as scheduled, probably around 1000% interest over a 4 week period.
A couple of them I said frick it. Opened a new bank account and left them high and dry.
They still call my parents (put their number down as reference) 10 years later, well after the statute of limitations and tell them I am going to be arrested if I don't pay up. Not a single one of them ever showed up on my credit report.
Posted on 8/5/16 at 5:35 am to TigersHuskers
In the Army we would have these useless financial classes ,because we had dumbasses that would do it all the time. They would go to these places and the interest rates were ridiculous. I never understood it either I mean money management is not that hard ,but I guess it is hard for some.
Posted on 8/5/16 at 6:03 am to TigersHuskers
Of course. People have to pay for their rent-to-own furniture.
Posted on 8/5/16 at 6:14 am to TigersHuskers
Yes people do, and they get into a cycle with those things and can't get out.
Posted on 8/5/16 at 6:53 am to TigersHuskers
Yes, predators like to prey on the stupid.
Posted on 8/5/16 at 9:51 am to TigersHuskers
The worst here is the car title loans.... Office is right across the street. I'm a manager for a auto/repo/wrecker company so we repo the vehicles for these payday loans, I feel horrible for these people but if they are truly that dumb, so be it. I've helped, cut major deals, and a few months later they are back in begging for their car.
Best repo so far was a family member car, car's worth about 10k and she took out a 500 dollar loan to bail her friend out of jail.
I ended up paying that off and putting myself as a lein holder so she couldn't do it again.
Best repo so far was a family member car, car's worth about 10k and she took out a 500 dollar loan to bail her friend out of jail.
I ended up paying that off and putting myself as a lein holder so she couldn't do it again.
Posted on 8/5/16 at 9:58 am to 67_Ghost
25% of people have no bank account and many do not trust banks (some groups from Latin and Central America, it's cultural), the fools that want to shut them done are generally those whose voters need these places the most. The interest rate is high because it's risky, so are these people any different than those of us who will pay 100% more for a ticket to a football game? It's all about what you value...the industry serves a vital purpose and that is why it exists and thrives..
Posted on 8/5/16 at 10:02 am to secfballfan
quote:
so are these people any different than those of us who will pay 100% more for a ticket to a football game?
Yes. Taking on debt for things that hold little to no value is WAY different than paying 2x face value for a ticket.
Posted on 8/5/16 at 10:03 am to TigersHuskers
Not everyone was born into white priveledge like you.
Some of us have to work 2 jobs just to get the ends close and stuff.
Some of us have to work 2 jobs just to get the ends close and stuff.
Posted on 8/5/16 at 10:09 am to Johnny3tears
quote:
You make a lot of money on poor people. Congrats on being a frickwad
Actually, he makes a lot of money on stupid people. Stupid people who end up poor because of their stupidity.
Posted on 8/5/16 at 10:13 am to Johnny3tears
quote:
You make a lot of money on poor people. Congrats on being a frickwad
If you haven't noticed, this is the way of the world. 99.9% of the products you buy is made by a company that is run by people that consider you poor.
Posted on 8/5/16 at 10:20 am to Johnny3tears
quote:are you a communist?
You make a lot of money on poor people. Congrats on being a frickwad
No one is forcing them to do these things.
Posted on 8/5/16 at 10:24 am to castorinho
There are a lot of people that are scared of having bank accounts because they fear the bank will take all their money. So they do payday loan bullshite and let those people actually take all their money.
Posted on 8/5/16 at 10:47 am to TigersHuskers
I saw a 48 hrs or 20/20 where this soldier borrowed $300 and couldn't pay it back prior to being deployed.
When he got back he owed $15,000 ha ha NonSence
When he got back he owed $15,000 ha ha NonSence
Posted on 8/5/16 at 11:05 am to secfballfan
quote:
The interest rate is high because it's risky, so are these people any different than those of us who will pay 100% more for a ticket to a football game? It's all about what you value...
except for that whole interest rate part..
Posted on 8/5/16 at 11:05 am to Breauxsif
quote:
Those places know damn well the people that they're dealing with will default.
Some people do...some don't, which is why they have such high interest rates and fee structures.
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